Updated: April 2025  |  bremo.io financial guides

Banking in Canada on a Student Visa

Canada welcomes over one million international students every year, making it one of the top destinations for post-secondary education globally. Whether you're studying at the University of Toronto, McGill, UBC, Dalhousie, or a college in a smaller city, one of your first practical tasks after arriving is setting up a Canadian bank account. This guide covers everything international students on study permits need to know about banking in Canada.

Can International Students Open a Canadian Bank Account?

Yes. Any person in Canada — including international students on study permits — can open a basic bank account. You do not need to be a citizen or permanent resident. You do not need a Canadian credit history. Canadian banks are legally required to open a basic account for anyone who can prove their identity and address, regardless of immigration status.

Documents Needed to Open an Account as an International Student

• Valid passport
• Canadian study permit
• Canadian address — your student residence, a homestay address, or an off-campus apartment address
• Student ID from your Canadian institution (helpful but not mandatory)
• SIN — if you have work authorization on your study permit, apply for a SIN; otherwise you may still be able to open an account without one

Student Banking Programs at Major Banks

All major Canadian banks offer student accounts with no monthly fees for full-time students:

• RBC Student Banking — No monthly fee, unlimited debit transactions, compatible with international student documentation
• TD Student Chequing — No monthly fee for full-time post-secondary students, easy online opening
• Scotiabank Student Banking — No monthly fee, access to Scotiabank StartRight newcomer benefits if you're a PR, otherwise standard student program
• BMO SPC CashBack Mastercard — Student credit card with rewards, available to international students with income
• CIBC Smart Account for Students — No monthly fee for full-time students

These accounts are free while you're enrolled. When you graduate, you typically have a grace period before fees apply — convert to a standard or newcomer account (if you have PR by then) at that point.

Do International Students Need a SIN?

If your study permit includes authorization to work (most full-time study permits at Designated Learning Institutions allow up to 20 hours/week on-campus or off-campus work), you need a SIN to work legally and to receive a paycheck. Apply at a Service Canada office with your passport and study permit. If your permit does not include work authorization, you may not qualify for a SIN — but you can still open a bank account without one using your passport and study permit.

Building Credit as an International Student

Building Canadian credit while you're a student is one of the most valuable things you can do for your future in Canada. If you plan to stay in Canada after graduation — through the PGWP and eventually PR — having 2–4 years of credit history by the time you're job hunting makes a significant difference. Steps:

1. Apply for a student credit card or secured card immediately after opening your bank account
2. Use it for small regular purchases — campus food, transit, textbooks
3. Pay the full balance monthly, never carrying a balance
4. After 6 months, check your score on Borrowell (free)
5. After graduation, your credit score is already established and working for you

TFSA for International Students

International students who are Canadian residents and have a valid SIN can open and contribute to a TFSA if they are 18 or older. This is underutilized by international students. Your TFSA contribution room accumulates from the year you become a Canadian resident — so every year you study in Canada, you're building room. Even small contributions to a high-interest TFSA savings account help.

Important caveat: if you leave Canada after graduation and no longer qualify as a Canadian resident, you will be charged a 1% per month tax on any TFSA balance while a non-resident. Withdraw your TFSA balance before leaving Canada if you don't plan to stay.

Paying Tuition from Abroad

Many international students pay tuition from their home country bank accounts. The most cost-effective ways to receive tuition payments in Canada:

• Have family send tuition funds via Wise or a bank wire directly to your Canadian account
• Use Flywire or Western Union's international student payment service — many Canadian universities partner with these platforms for streamlined international tuition payments
• Avoid converting large sums with a bank's retail exchange rate — use Wise or your institution's preferred international payment portal

Working in Canada as an International Student

Full-time international students at DLIs can work up to 20 hours per week during academic sessions and full-time during scheduled breaks. When you start working:

• Your employer will collect your SIN and deduct income tax, CPP, and EI from your paycheck
• You must file a Canadian tax return for any year you earn income in Canada
• If your income is low (under ~$15,000), you may receive a tax refund due to the basic personal amount credit
• Filing your return also activates the GST/HST credit — useful even for student-level incomes

Post-Graduation: Transitioning from Student to Worker to PR

After graduation, many international students apply for a Post-Graduation Work Permit (PGWP). The PGWP allows you to work in Canada for up to 3 years. During this period, your banking continues normally. Continue building your Canadian credit, start contributing more to your TFSA, and begin saving toward permanent residency applications. When you become a PR, you can access newcomer banking programs at major banks and the full range of Canadian financial products.

Sending Money Home as a Student

International students often send leftover funds home at the end of a semester or year, or receive money from home. For sending money home, Wise is the most cost-effective option. For receiving large amounts from family abroad (like tuition payments), Wise and Flywire both offer good rates.